SL Green Realty (NYSE: SLG) reported Q2 EPS of $0.74, $0.60 better than the analyst estimate of $0.14.

Financial and Operating Highlights

• Net income attributable to common stockholders of $0.74 per share for the second quarter of 2020 as compared to $1.94 per share for the same period in 2019. Net income for the second quarter of 2020 includes a net gain of $65.4 million, or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue. Net income for the second quarter of 2019 included $126.6 million, or $1.45 per share, of net gains from the sale of real estate and non-cash fair value adjustments.
• Funds from operations, or FFO, of $1.70 per share for the second quarter of 2020, which includes $3.4 million, or $0.04 per share, of losses related to certain debt and preferred equity ("DPE") investments that were sold, and $3.4 million, or $0.04 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $1.82 per share.
• Completed the Company's “$1.0 Billion Plan” to generate incremental cash through the sale of real estate assets, the sale and repayment of DPE investments as well as financing and refinancing activities. As of June 30, 2020, cash, cash equivalents and marketable securities totaled $1.04 billion, excluding the Company’s share of unconsolidated joint venture cash of $111.2 million.
• To date in 2020, the Company has repurchased a combined 6.2 million shares of common stock and units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $64.28 per share/unit, including 3.0 million shares of common stock and OP units at an average price of $47.66 per share/unit repurchased during the second quarter. Since inception of the program, the Company has repurchased a total of 28.7 million shares of its common stock and redeemed 1.0 million OP units at an average price of $89.08 per share/unit.
• To date, the Company has collected gross tenant billings for the second quarter of 2020 of 95.7% for office, 69.6% for retail and 90.7% overall. To date, the Company has collected gross tenant billings for July of 91.7% for office, 61.5% for retail and 87.0% overall as of July 21, 2020, with additional collections expected thereafter.
• Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.1% for the second quarter of 2020 excluding lease termination income and free rent to Viacom at 1515 Broadway, as compared to the same period in 2019.
• Signed 35 Manhattan office leases covering 280,002 square feet in the second quarter of 2020 and 65 Manhattan office leases covering 596,156 square feet in the first six months of 2020. The mark-to-market on signed Manhattan office leases was 0.8% lower for the second quarter and 4.6% higher for the first six months than the previous fully escalated rents on the same spaces.
• Manhattan same-store occupancy was 95.2% as of June 30, 2020, inclusive of leases signed but not yet commenced, as compared to 95.5% as of March 31, 2020 and 94.8% as of June 30, 2019.

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